Accounting & Fiscal Services Update – End of Fiscal Year

Sent to AFS-Update on June 28, 2023

Accounting Periods During Fiscal Year-End Close

To make the fiscal close process easier for departments, the following KFS documents will have the June accounting period (JUN23PER12) selected as the default when initiated from July 1 to 14. The accounting period can be easily manually changed, so be sure to check that the desired fiscal year and month is selected before submitting: 

  • General Error Correction (GEC) and Restricted General Error Correction (GECR)
  • Budget Appropriation Transactions (BAT)
  • Auxiliary Voucher (AV)
  • Distribution of Income and Expense (DI) (closes July 7)
  • Internal Billing (IB) and Service Billing (SB) (closes and auto-approves July 7)
  • Procurement Card Document (PCDO) (auto-approves after July 7)

These documents will revert back to their normal behavior – and the July 2023 accounting period – on July 15. Please also be aware of the following during fiscal year-end close:

  • BAs DEFAULT TO JULY
    Because inception-to-date accounts have new budgets being created and transferred during July, the Budget Adjustment (BA) e-document will not default to June (it will default to the period of “JULY 2023”). However, users can select June in the drop down of the document if making budgetary transfers or re-alignments.

  • GENERAL LEDGER BALANCE AND ENTRY LOOKUP
    When performing ledger balance or any entry lookups in KFS, please note that the fiscal year and period all default to “current” Period 01 and fiscal year 2024 effective July 1. This will need to be changed if transferring FY2023 transactions.

  • TIP FOR GECs AND GECRs
    The default period to post the GEC/GECR defaults to JUNE23PER12 when creating the document. However, when performing ledger lookups, users must be sure to change the fiscal year on the GL Entry Screen lookup in order to find and import their transactions from the previous fiscal year. Initiators and approvers both should ensure the correct fiscal period is selected before submitting/approving the document.

Budgeting Income on Control Accounts & Recharges

UCI requires all KFS control accounts (UCxxxxx) for year-to-date funds to have an income balance variance of zero at year end. Departments may choose to budget recharge object codes (39xx) if they want to see the alignment in June final reports. Budgeted income on KFS control accounts must be aligned with actual income by KFS chart, account, and object. Income budget alignment entries must be complete by 8 p.m. on July 14.

For Gift Funds (UC56xxx), units are advised to run the fund summary report with the organization code entered as the (%) wildcard for gift funds. Steps should be taken with UCI Foundation to properly document the gift and budget the income to the appropriate operating account.

There is no requirement that non-control accounts (operating accounts) in KFS end the fiscal year with an income variance of zero, but if departments want to see income budgets equal actual income on FY 2022-23 reports, then entries to align budgeted income must also be recorded by July 14. Whether income variances are zero or not on non-control accounts, the budget carryforward process will post any budget surpluses to the unallocated budget object code (0008) by account/sub-account in fiscal year 2023-24 period BB.

See the Guide to Budgeting for Income for more information.

Deposit and CCR Deadline is 1 p.m. on June 30

Campus departments and sub-cashiering stations must submit their deposit information through the Campus Online Deposit System (C.O.D.) by 1 p.m. on June 30 to ensure the recording of deposits for FY 2022-23. Actual deposits must also be physically received by Payment Services by this deadline.

Deposits with discrepancies will be rejected online, so be sure to check your deposits for accuracy before submitting and delivering to Payment Services to avoid a possible delay in processing. Payment Services will close at 1 p.m. on June 30 to ensure the processing of all deposits received on that date.

  • CREDIT CARD AND CASH RECEIPT eDOCs
    Likewise, all campus units (including the School of Medicine) must submit their Credit Card Receipts (CCR) by 1 p.m. on June 30. For the Medical Center only, CCR and Cash Receipt (CR) documents must also be finalized by June 30. Contact Steffani Morales for MC Cashier processing times.

Deadline to Submit University Invoices is June 30

University Invoices (sundry debtor bills) for goods & services rendered through June 30 must be submitted online through KFS AR no later than 1p.m. on June 30 so that FY 2022-23 accounts can be credited. University invoices received or approved after June 30 will be recorded in FY 2023-24. The deadline to submit and department approve (ad-hoc’d) Invoices in KFS AR is by 1 p.m. to guarantee posting/approvals by June 30. Questions can be directed to nonstudentar@uci.edu.

  • DEADLINE FOR CBSO STUDENT INVOICES IS JUNE 30
    Bills for Student Invoices (only) through June 30 must be submitted online through CBSO and forwarded to Financial Services no later than June 30 so that 2022-23 accounts can be credited. University Student invoices received in CBSO AFTER June 30 will be recorded in the 2023-24 fiscal year. The deadline to submit invoices in CBSO is 1 p.m. to guarantee approvals by June 30.

Request Transfers to/from Reserves by July 14

Auxiliary and sales & service units who want to record transfers to/from reserve funds for the 2022-23 fiscal year should send requests to the General Accounting team no later than 5 p.m. on Friday, July 14. Transfers should be requested using this Excel Template. Both auxiliary and sales & service units should use the same template, but please note the following:

Reserve Funds (Auxiliary Enterprises)

  • It may be appropriate for an auxiliary to accumulate reserves intended to be utilized (expensed) in future years (example: expected capital renewal/replacement costs).
  • Auxiliaries are assigned specific fund numbers for reserves.
  • Requests should be sent via Excel template to Accounting by 5 p.m. on July 14.

Reserves (Non-Auxiliary)

  • Official Recharge Activities can fund reserves for similar reasons as auxiliaries – when accumulating reserves for future year expenses is appropriate.
  • Official Recharge Activity should use fund 76390 for reserves.
  • 76390 should be used by official Recharge Activities only (units that require annual Accounting & Fiscal Services review). If you don’t know if you have an Official Recharge Activity in your area, or you’re interested in starting a new one, contact the Costing Policy and Analysis unit.
  • Requests should be sent via Excel template to Accounting by 5 p.m. on July 14.

For questions about reserves, please contact Trang Tran in General Accounting.

Sign Up for a KFS Course Focused on Fiscal Year End

Users new and old alike are invited to enroll in one of the GEC or BAT Fiscal Year End KFS classes we are offering this year (repeat of classes offered in June). July 14 is the last deadline for all error corrections and budget allocation and realignments. Make sure you are processing your financial documents correctly by attending a fast-paced review class that goes over some of the tips and common questions initiators have.

CLASS TITLE

DATE

TIME

KFS General Error Correction (GEC) FYE

July 5, 2023 (Wednesday)

1:30 – 3:30 p.m.

KFS Budget Appropriation Transaction (BAT) FYE

July 6, 2023 (Thursday)

1:30 – 3:30 p.m.

  Click class title to view and register on UCLC

Register to attend via the UC Learning Center website: 
Registration is required to attend a class and must be done through the UC Learning Center (UCLC). If you need assistance signing up for classes, contact the KFS help desk at kfs@uci.edu.